VALERO ENERGY CORPORATION AND SUBSIDIARIES v. COMMISSIONER

Docket No. 22874-90.

67 T.C.M. 2526 (1994)

T.C. Memo. 1994-132

Valero Energy Corporation and Subsidiaries v. Commissioner.

United States Tax Court.

Filed March 29, 1994.


Attorney(s) appearing for the Case

Lawrence Sherlock and George A. Hrdlicka, 1200 Smith St., Houston, Tex., for the petitioners. T. Richard Sealy III, for the respondent.


Memorandum Findings of Fact and Opinion

BEGHE, Judge:

Respondent determined deficiencies in petitioner's 1980 and 1981 Federal income tax in the respective amounts of $251,582 and $1,342,616. The parties have settled all issues relating to petitioner's 1980 taxable year; after concessions by the parties, the issues for decision with respect to petitioner's 1981 taxable year are:

(1) Whether Valero Energy Corp. (Valero) overstated its 1984 net operating...

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